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Holiday Shutdown List Preparing to close for the Holidays

Its that time again the mad rush to pack up and close for the holidays. There is lots to do, so I have created a to-do list, a plan to help you.

  • There is lots to do!
  • So the first thing you need to have on hand is water or an energy drink and some vitamins because we all just want to go on holiday. To the beach or camping in the vineyards, swimming in the river, leaving technology behind. I am, already there in spirit.
  • Now that you have a little bit of energy, prepare and send out a letter. Send it to your customers and suppliers letting them know that you will be either operating on skeleton staff or that you will be closed. When you will be re-opening and when last orders must be in by. Also giving them an emergency contact no in case.
  • Prepare your recurring invoices that need to go out on the first of January, send out any December invoices.
  • Make sure you have all your supplies for the start of the New Year. Suppliers are normally back mid-January and only start manufacturing then.
  • Payments to Suppliers and SARS
  • Prepare a list of payments to make while you are away and pay any of your suppliers that you can now.
  • Prepare your VAT and load the VAT 201 so that you only need submit and make the payment while you are away.  (October/November due end of December) 31st December is a Monday, its a crazy day if you can pay your VAT on the Friday, before.
  • Prepare your year-end salaries and wages for your staff.
  • Prepare your EMP201 – it is due on Monday the 7th January 2019
  • Make a Plan for 2019
  • Especially the first week back, after relaxing for a week or 3 it takes a while to get back into first gear.
  • Notify important people that you are away and in case of emergency they have a contact no of your second in command.
  • Let your security know so they can patrol more. because the burglars are doing there Christmas shopping
On the day of closing
  • Lock away important files
  • Close all your windows, lock all the doors, internal ones too. Any keys put away in a safe place.
  • Backup all your computers – Put your backup drives in a safe place and make sure you have a second copy with someone else
  • Setup an out of office email
  • Record a new voicemail
Finally, shoo! Have a Happy and Safe holiday, don’t forget the sunscreen and the cell phone charger.

The post Holiday Shutdown List appeared first on The Bookkeeping Company.

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VAT Return/Refund and SARS and you.

HOW TO: Ensure your VAT Return / Refund is correct.

Dot your I’s and cross your t’s when you work with your VAT Return /Refund and SARS.

It’s better to be correct the first time than trying to sort out VAT with SARS afterward.

First of all, ensure you issue a Valid Tax Invoice to all your customers.

Pop over to www.thebookkeepingcompany.co.za for a template of a Valid Tax Invoice.

Second of all ensure you receive a Valid Tax Invoice from all your suppliers.

Make sure all your suppliers have your correct details.

4 Ways to ensure you have all your details on hand at the time of purchasing.

No 1. Have a business card with your details – now this can be separate to your normal business card. It could be a two-sided business card, on the back you would have all details that need to go on your supplier invoice.

No 2. Have a laminated card like your library card, that you pull out every time you buy something.

No 3. Everything is digital these days, have a digital business card. You can then whats-app it, SMS or email it to your suppliers. This ensures ’s they have the correct details.

No 4. Have a stamp made with all your details on.

No 1 and 2 is not only great for ensuring a Valid Tax Invoice but good for Marketing.

Your big retail shops i.e Makro that you have a card for, you can update with your Valid Tax Invoice details. It will then print on your till slip.

It’s very important to make sure that your company details match to what you have registered with SARS.

Now for the fun, when submitting a claim for refund from SARS, you will need the following:
  • Letter from SARS requesting verification (available on efiling).
  • Only if you get a notification of one, but lately they are verifying all refunds.
  • 5 of your highest sales invoices (customer invoices)
  • 5 of your highest supplier invoices (creditors invoices)
  • VAT Report (printed off your accounting software)
  • For exporter’s, you will need a few extra documents.
  • Bill of entry, customs release documents, all shipping documents.

You can upload this on efiling,  it can only be 2MB. If bigger you will need to visit your nearest SARS branch. I find the best time to go is after 2 pm. Branches close at 4 pm. What to expect when you get to SARS? A queue and a wait, take something with to do.

The turn-around for the verification is 30 calendar days. So, the quicker and correct your documents are, the quicker you will receive your VAT refund.

Thank you for reading this article – Need any help with submitting the actual return or any of the above please do not hesitate to contact me. cherine@thebookkeepingcompany.co.za, 082 403 0792 or follow me on Facebook

The post You, Your VAT Return/Refund and SARS appeared first on The Bookkeeping Company.

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You, Your Staff and your EMP501’s and IRP5’s

 EMP501’s IRP 5’s 

 Before I begin talking about them.

The tax tables have been made available for the new Financial Year.  Grab them at www.thebookkeepingcompany.co.za/businesstools.co.za. Update your systems if you are manually doing your salaries and wages.

Now its time for you as the Employer to submit your EMP501 to our friends SARS. Deadline 31st May 2018.

What is EMP501, it is the Annual Reconciliation of all the salaries and wages that you have paid to your staff permanent, contract etc, it is the PAYE and UIF that you have deducted from everyone. It gets reconciled once a year and submitted to SARS. The IRP5’s and IT3 Certificates are then created for each and every staff member and directors or members of companies and close corporation.

 EMP501’s  IRP5’s – Be prepared…

Ensure you have your paperwork all in order. SARS wants all the details of your staff, I have a staff take-on form available at www.thebookkeepingcompany.co.za/businesstools.  The most important documents needed that any employer must get from their staff or staff to be is their ID or Passport and some form of Fica document. A letter with their name and address and it must match to their ID or Passport.  Verify your staff as you are verified at the bank. All Staff members need to register for Income Tax with SARS.  If they are registered and don’t know there Income Tax No.  Let them call SARS 0800 007277.

Make sure they have all their details on hand for verification.  Even their old addresses or cell phone no’s otherwise a visit to SARS will be needed.  If they aren’t registered they need to take their ID, Proof of address and 3 months bank statement not older than 3 months to SARS and register.  If you process your EMP501 on the desktop you can register them through Easyfile. However, they will have to go in and verify themselves if they want any refunds from SARS.

Once you have all the information you can begin with your EMP501, or hand it over to your accountant.

If you are doing it,  yourself pop over to www.thebookkeepingcompany.co.za/businesstools and download a copy of the step to guide on how to do your EMP501 reconciliation.

If you have any comments or suggestions re the above or need help, please do not hesitate to contact me, Cherine@thebookkeepingcompany.co.za or 082 403 0792.  I love to hear from you and how I can improve things or just help you.

Tools for you mentioned in the article

A Step by Step Guide to the Employer Reconciliation Process EMP501

Staff Take on Form

Budget Tax Guide 2018/2019

The post You, Your Staff and your EMP501’s and IRP5’s appeared first on The Bookkeeping Company.

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Sage One Assistance

I love numbers, but what I love more is a puzzle, that is where Sage One training and assistance comes in. I like to solve the problem. I got a call the other day begging for help, the accounting on Sage One was all incorrect. So off I went to solve the puzzle. Setup was okay, but numerous accounts were added that were not necessary, the staff member had added supplier accounts as ledger accounts and posted bank transactions to the incorrect places. This would have given the client the incorrect results of what is happening in their business. Anyone could have made these errors because we all think differently.

So I got to work an solved the problem.

Did you Know Sage One has ADD On’s, you can amend your invoice to have it look the way you want it too? This is just one of the ADD On’s.

My name is Cherine and I owner manage The Bookkeeping Company. I have worked on for many many years and still work on Pastel and last year moved all my clients onto Sage One.

I offer one on one training at your offices.

I use Sage One every day if you need any assistance please do not hesitate to contact me.

Contact Cherine 082 403 0792

The post Sage One Assistance and Training appeared first on The Bookkeeping Company.

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Sage One Assistance

I love numbers, but what I love more is a puzzle, that is where Sage One training and assistance comes in. I like to solve the problem. I got a call the other day begging for help, the accounting on Sage One was all incorrect. So off I went to solve the puzzle. Setup was okay, but numerous accounts were added that were not necessary, the staff member had added supplier accounts as ledger accounts and posted bank transactions to the incorrect places. This would have given the client the incorrect results of what is happening in their business. Anyone could have made these errors because we all think differently.

So I got to work an solved the problem.

Did you Know Sage One has ADD On’s, you can amend your invoice to have it look the way you want it too? This is just one of the ADD On’s.

My name is Cherine and I owner manage The Bookkeeping Company. I have worked on for many many years and still work on Pastel and last year moved all my clients onto Sage One.

I offer one on one training at your offices.

I use Sage One every day if you need any assistance please do not hesitate to contact me.

Contact Cherine 082 403 0792

The post Sage One Assistance and Training appeared first on The Bookkeeping Company.

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